Amaranth To Close

Well it's official. Amaranth is closing. You can read their letter to clients here. http://money.cnn.com/2006/09/29/news/companies/amaranth_letter.reut/?postversion=2006092920.

If you don't want to bother reading the whole thing I have below quoted the most pertinant statistics. Highlights are mine.

"Performance Update

We estimate that, as of Friday, September 29, 2006, the Net Asset Value of the multi-strategy funds had declined approximately 65% to 70% month-to-date and approximately 55% to 60% year-to-date. We are providing a range given the significant number of trades executed during the month and the limited time available to calculate the estimate. We expect that the monthly estimate, which will be calculated in accordance with our normal month-end closing procedures, will be within this range. We will work diligently to provide you with a monthly estimate within as close to our normal timeframe (Wednesday, October 4, 2006) as possible.

Amaranth is committed to acting in the best interests of the funds' investors and to keeping investors informed of decisions made in furtherance of this objective. We sincerely appreciate your patience and understanding during this challenging period."